Amidst all the chaos created by the coronavirus crisis, Electrolux Professional had a moment to celebrate this week after beginning life as a listed company.
The company’s stock is now traded on Nasdaq Stockholm, where it had reached SEK24.85 ($2.50) a share this morning. The highest it has risen to so far is SEK25.65 ($2.58).
Its market cap at the close of play yesterday was SEK6.66 billion ($665m).
Electrolux Professional spent more than a year planning the IPO following the decision to separate its commercial foodservice and laundry operations from its consumer division.
Alberto Zanata, president and CEO of Electrolux Professional, said: “Although we are experiencing challenging times with the global impact of the coronavirus, it is with a lot of energy and passion that we are starting the exciting journey to develop Electrolux Professional’s business as an independent company.
“We have innovative products and a worldwide service network that will make our customers’ work-life easier, more profitable and truly sustainable every day.”
Electrolux Professional comprises two segments – Food & Beverage (F&B) and Laundry. F&B provides a wide range of equipment for professional foodservice and beverage solutions, while Laundry provides a wide array of equipment for professional laundry operations. In addition to their product offerings, each segment provides aftermarket services and solutions.
The company conducts sales in about 110 countries and has around 3,600 employees. In 2019, net sales amounted to approximately SEK 9.3 billion ($928m).
Ahead of the listing this week, Electrolux revealed it had been forced to tweak its manufacturing schedules at its primary production site in Italy after encountering difficulties in receiving components to the hub.
It has also begun to experience difficulties in receiving components to its manufacturing units, as well as in the outbound flow of products, in France.
It is now implementing additional measures to adapt manufacturing at the affected sites to reduce production, including temporary closures.